Axa reviews future of DB pension scheme

This comes after the industry warned DB schemes would be forced to close by the government's decision to bring forward the introduction of the single tier state pension from 2017 to 2016, ending contracting out and its employer National Insurance contribution rebates. The insurer said in a review document sent out to DB members that its deficit has remained at £1bn between March 2009 and March 2012 despite paying in more than £600m in employer contributions. It added that funding the deficit will cost a further £77m per year over the next decade, rising to £137m per year by 2022. "...